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Liquidator who performed duty of IRP, constituted CoC and worked 30 days thereafter was entitled to get fees and costs

September 15, 2020[2020] 119 taxmann.com 144 (NCLT - Ahd.)
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IBC: Where applicant liquidator of corporate debtor who was also erstwhile Interim Resolution Professional (IRP) of same corporate debtor filed application seeking directions with regard to payment of dues of CIRP period and it was found that he had performed duty of IRP and constituted Committee of Creditors and thereafter, continued to function even beyond 30 days till date of liquidation of corporate debtor by respondents, applicant would be entitled to get fees and costs incurred

• Further, contention of availability of other Insolvency Professional at lower rate did not warrant for reduction in fees/remuneration of present Insolvency Professional as CoC members apart from only exercising their commercial wisdom, should consider that every Insolvency Professional has his/her own experience, skill, expertise, volatility, independence etc. which are also of prime consideration.

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